Hsbc Holdings PLC Acquires 149,590 Shares of Frontline PLC $FRO

Hsbc Holdings PLC lifted its holdings in Frontline PLC (NYSE:FRO) by 195.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 226,079 shares of the shipping company’s stock after acquiring an additional 149,590 shares during the quarter. Hsbc Holdings PLC’s holdings in Frontline were worth $4,922,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FRO. Fearnley Asset Management AS purchased a new position in Frontline during the fourth quarter valued at approximately $6,997,000. Caitong International Asset Management Co. Ltd lifted its holdings in Frontline by 973.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,094 shares of the shipping company’s stock worth $155,000 after buying an additional 6,433 shares during the period. Virtu Financial LLC bought a new stake in Frontline during the 4th quarter valued at $398,000. Mackenzie Financial Corp bought a new stake in Frontline during the 4th quarter valued at $365,000. Finally, XTX Topco Ltd increased its holdings in shares of Frontline by 4.0% in the 4th quarter. XTX Topco Ltd now owns 29,773 shares of the shipping company’s stock valued at $650,000 after acquiring an additional 1,145 shares during the period. 22.70% of the stock is currently owned by institutional investors.

Frontline Stock Performance

Shares of FRO opened at $35.48 on Friday. The stock has a 50-day moving average of $37.19 and a two-hundred day moving average of $32.10. Frontline PLC has a one year low of $16.25 and a one year high of $43.10. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market cap of $7.90 billion, a P/E ratio of 8.74 and a beta of 0.02.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The firm had revenue of $714.24 million during the quarter, compared to analyst estimates of $579.59 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were given a $1.55 dividend. This is an increase from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a yield of 17.5%. The ex-dividend date was Friday, June 12th. Frontline’s payout ratio is currently 152.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a research report on Monday, May 25th. BTIG Research raised their price objective on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday. Dnb Carnegie lowered Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Danske lowered shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Frontline has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.